- October 19, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
High-speed “layer-0” blockchain Kusama has made a recent change in its schedule regarding the impending parachain auctions.
One of the community council members has suggested a new proposal inviting votes from other members seeking one auction per week for the next seven leashes.
What are parachains and why are they important?
Parachains can be defined as custom, project-specific blockchains that are incorporated within the Polkadot and Kusama network. These parachains are open for customization for any use cases and are attached to the main relay chain, which is a key component of the network that is responsible for sharing network security and transaction details.
Parachains permit users to run tokens and information through them, allowing them to create distinctive blockchains. In simpler terms, each parachain can have its specific parameters such as block times, governance fees, and mining rewards.
Details on motion 377: what does it mean?
The motion suggests that Kusama should ramp up 100 parachains ahead of Polkadot, followed by a clause that implies scheduling one auction a week so that the members end up with a maximum of forty-eight functional and operative auction assigned parachains.
The proposal also endorses the idea of conducting shorter auctions happening more often to stay ahead of Polkadot. The council member proposing the idea has also urged the members to carefully pick and support projects they want to see succeed in the long run.
Apart from suggesting key elemental changes in parachain auctioning and scheduling, ideas related to faster than weekly schedules, longer maximum lease period, as well as increase in governance parachains were also introduced for the members to consider and give their vote for the motion to steer ahead.
Based on the community's response to the Polkassembly post "The Case For Continuous Auctions", a council member submitted a motion for council to vote on scheduling the next auctions. If passed, the first auction will be at block #9777777 [Oct. 23, 2021].https://t.co/Av8OpeMxY8
— kusama (@kusamanetwork) October 18, 2021
Meanwhile, Kusama announced this morning that the community has successfully passed motion 377. This means that the parachain auctioning on Kusama Network will be scheduled every week from now onwards. The 12th Kusama auctions will be inaugurated from October 23on block #9,777,777.
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